It should not be a problem on a Fannie Mae loan.

It is a Fannie Mae Homepath property that the bank did a lot of work on. 

Fannie Mae has a small balance loan program with a 15 year fixed and a 30 year amp.  

@Samuel GlantzBanks have certain guidelines that they must follow before they will issue a loan.conventional mortgages = have to follow Fannie Mae/Freddie Mac guidelinesPortfolio loans = have to follow guidelines created by the issuing bank or guidelines created by people who will purchase the loans on the secondary market.With that said - you have a couple options about getting a loanAcquire an investment property as tenants in common with your father.

Be sure to check out Homepath.com These are some pretty affordable Fannie Mae properties that give priority to first time home buyers for the initial 2 week period.

A more direct route is to go through websites that specialize in homes and properties in foreclosure, such as Fannie Mae’s HomePath.com.2 Some financial institutions such as Bank of America also have web search pages for foreclosed homes.3Real estate professionals.

Direct to Fannie Mae requirements on rental income

Fannie Mae has different requirements for this type of income than Freddie Mac.  

However you will typically have higher down payment requirements, adjustable rate loans, and a higher interest rate.Conventional Financing - This is financing where the loans are sold to Fannie Mae/Freddie Mac.

Fannie Mae and Freddie Mac allowed a 3-month suspension of foreclosure sales, late fees and credit score reporting, and allowed mortgage servicers to work out forbearance plans that could delay payments for up to a year.